ZIMSEC O Level Business Studies Notes: Marketing:Product

  • A product is either a good or a service
  • They are the means by which businesses meet the needs and wants of the customers
  • Thus a product can be a good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want
  • A product is more than a mere good for example a soap seller will be selling not only a good (soap) but also the idea that they are improving the consumer’s hygiene and even status
  • After a business conducts marketing research it can either create a new product to meet the customer’s needs and wants or it can re-purpose an existing product
  • Creating a new product is known as new product development
  • Product form part of the four key components of the marketing mix
  • Various aspects of a product can be adjustment in order to create the right recipe for the business’s success
  • These factors include:
  • The appearance of the product
  • Its performance including:
    1. its efficiency
    2. reliability
    3. ease of use and operation
    4. safety
    5. ease of maintenance
  • packaging
  • branding
  • the product mix
  • Product mix-a complete range of all of a given business’s/organisation’s products
  • It is made up of all the product lines of the given firm
  • The product mix is also known as product portfolio
  • In addition to fitting within the business’s marketing mix a product also has to:
  • Be economical and viable to make and produce
  • Meet legal requirements for example medical drugs have to be approved
  • Meet environmental requirements
  • Compete with competitor’s products

To access more topics go to the O Level Business Notes